BETHESDA, Md., -- Lockheed Martin Corporation (NYSE: LMT) today announced that its Board of Directors has authorized the purchase of up to an additional 20 million shares of Lockheed Martin common stock under its existing share repurchase program.

The company's share repurchase program was initiated in October 2002. Through June 28, 2009, the company had repurchased a total of 138.0 million shares, out of the existing share authorization of 158.0 million shares under the program. In the first six months of 2009, Lockheed Martin repurchased 13.7 million shares under the program. As of June 28, the company had approximately 384 million shares of common stock outstanding. The number of shares purchased and the timing of purchases under the program are at the discretion of management and are to be made in compliance with applicable law and regulation. Shares may be purchased in the open market or in privately negotiated transactions.

Earlier in the day, the Corporation announced that its Board of Directors authorized a dividend increase of 10.5 percent or $0.06 per-share.

With this increase, the company's quarterly dividend will be $0.63 per-share. The dividend is payable Dec. 31, 2009 to holders of record as of Dec. 1, 2009.